M/s Mahakaleshwar Mines & Metal Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Kamal Sponge Steel & Power Ltd. seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into an agreement for the sale of goods on 01.03.2016, where the Operational Creditor agreed to buy 2600 MT of Sponge Iron from the Corporate Debtor.
An agreement for the sale of goods was entered into between M/s Mahakaleshwar Mines & Metal Pvt. Ltd. (Operational Creditor) and M/s Kamal Sponge Steel & Power Ltd. (Corporate Debtor) on 01.03.2016.
The Operational Creditor agreed to purchase 2600 MT of Sponge Iron from the Corporate Debtor.
The Operational Creditor made an advance payment of Rs. 1,70,00,000/- to the Corporate Debtor by 14.06.2016, which constituted 50% of the total sale consideration.
The Corporate Debtor failed to supply the goods as per the agreement.
The Operational Creditor sent various reminders to the Corporate Debtor seeking a refund of the advance payment.
The Corporate Debtor acknowledged the debt in various letters dated 02.06.2016, 20.10.2016, 15.11.2017, 02.11.2019, 27.02.2021, and 25.04.2023.
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The Operational Creditor and Corporate Debtor…
The Operational Creditor made an advance…
M/s Mahakaleshwar Mines & Metal Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Kamal Sponge Steel & Power Ltd. seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into an agreement for the sale of goods on 01.03.2016, where the Operational Creditor agreed to buy 2600 MT of Sponge Iron from the Corporate Debtor.
An agreement for the sale of goods was entered into between M/s Mahakaleshwar Mines & Metal Pvt. Ltd. (Operational Creditor) and M/s Kamal Sponge Steel & Power Ltd. (Corporate Debtor) on 01.03.2016.
The Operational Creditor agreed to purchase 2600 MT of Sponge Iron from the Corporate Debtor.
The Operational Creditor made an advance payment of Rs. 1,70,00,000/- to the Corporate Debtor by 14.06.2016, which constituted 50% of the total sale consideration.
The Corporate Debtor failed to supply the goods as per the agreement.
The Operational Creditor sent various reminders to the Corporate Debtor seeking a refund of the advance payment.
The Corporate Debtor acknowledged the debt in various letters dated 02.06.2016, 20.10.2016, 15.11.2017, 02.11.2019, 27.02.2021, and 25.04.2023.
…The Operational Creditor and Corporate Debtor…
The Operational Creditor made an advance…